SBIN is able to finally breakout from its 4 month long resistance which is respected 6 times in same period. Stock is trading at 199 with 200 being psychological barrier as well. Once 200 is crossed, it can show good strength. Chart is self explanatory with required levels.
Price action trading is a process of using price to analyze stock possible movement. Keep your charts as simple as possible so that you keep focus on most important element on chart "PRICE". If you receive any benefit from idea, appreciate by your likes/comment. If you earn from my ideas, kindly consider donating small part of your profits to those in need. Reach out if you wish to learn simplest form of price action and willing to put effort in practice.
I saw yr hard work so want to ask
I have 700 shares of sbi at Rs. 303 in march with long term view. Can you please suggest some...
Piyush-Gupta
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@gauravbhavsar18889, SBi is still 30% down from your buy price. If you have long term horizon like 2-3 years then keep them.
designDemon
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Your charts are so simple and clean. Really like them. Here are you suggesting a positional trade because it rarely rises so much in one day.
Piyush-Gupta
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@designDemon, Thank you for your kind words. Although I am intraday trader but this setup is good for positional as well. If it rises a little and show pullback to resistance zone then set up will be very high probable for positional.
ipranit99
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Did it gave false breakout?i entered at 201 breaking triangle pattern,but now it is at 197
Piyush-Gupta
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@ipranit99, Market sentiment was negative.. so SBI can't alone fight the trend. If you are swing player, i hope you have your stop loss calculated from chart and entered with proper risk management only.
Let wait to see trend on Monday.
I have 700 shares of sbi at Rs. 303 in march with long term view. Can you please suggest some...